NEW YORK (AP), Apr 06 - Borders, a fixture in Ann Arbor, Mich., since opening its first store there in 1971, is planning to move its headquarters out of the city to find cheaper space.

Spokeswoman Mary Davis says the company is looking at ways to move its headquarters from Ann Arbor to another space in metropolitan Detroit in an effort to cut costs. The bookseller is trying to reorganize its business in Chapter 11 bankruptcy.

The move was first reported by the Wall Street Journal. The Journal says the plan is part of a presentation to creditors taking place Wednesday.

Borders filed for bankruptcy protection in February, the victim of increasing competition from online retailers, discounters and e-books.

It is closing about 226 stores nationwide and aims to exit bankruptcy in August or September.